Using a Prepaid Visa Card for Expenses is Like a Modern Day Envelope System

by Lori. LAST UPDATED ON August 20th, 2015
The links in the post below may be affiliate links. Read the full disclosure.

This is a sponsored post written by me on behalf of the Visa Clear Prepaid program and the Walmart MoneyCard® Reloadable Prepaid Visa® Card.

Over the last 30 days, I’ve been squirreling away some extra money for a home improvement project. How did I do it? I really paid attention to the money I have been spending and tried to plug all of our money leaks. I cancelled some unneeded subscriptions, paid more attention to our utility bills, and became a more organized grocery shopper.

My 30 Day Challenge

I had $150, and to be certain that I did not spend more than that amount, I went to Walmart and loaded that money onto a Walmart MoneyCard® Reloadable Prepaid Visa® card (for a small fee). There are no overdrafts permitted, so you can’t incur overdraft fees or spend more than you have on the card without reloading.

Growing up, my Mom used the envelope system to manage household expenses. She saved up the money before she spent it. Using a prepaid card for my home improvement project, is like a modern day envelope system.

With the Walmart MoneyCard® Reloadable Prepaid Visa® card, one fee plan covers your day-to-day activities like purchases, point-of-sale cash back and in-network ATM withdrawals. As a part of the Visa Clear Prepaid program, you can use this prepaid card with confidence because you know exactly what you’re spending (including fees) and can more easily stick to a budget. There is much less confusion. Getting my card at Walmart was fast and easy.

Since I was going to have the Walmart MoneyCard® Reloadable Prepaid Visa® card to use for my home improvement project purchases, I was happy to know that if the card is lost or stolen, my cards funds are protected by Visa’s Zero Liability Policy.* Plus, my funds are protected by deposit or share insurance (e.g. FDIC/NCUSIF) .

*Visa’s Zero Liability Policy covers U.S.-issued cards and does not apply to certain commercial card transactions, or any transactions not processed by Visa. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.

In an earlier post, I shared how I was mapping out my home improvement project, purchasing what I needed and re-purposing the rest. I had cabinets, trim, and Oriented Strand Board, (OSB), from an earlier project. I had been envisioning this sectional for our basement for several years and thought that one day, I would use those old cabinets to DIY one.

I’m really happy to say that the project came together without any added expenses. Having a prepaid card made me more mindful of sticking to a budget and now we have a beautiful, finished sectional where we can curl up with a good book or to watch a movie together as a family.

And here is my finished space!

I used the $150 on my Walmart MoneyCard ® Reloadable Prepaid Visa® card to purchase the quilt batting and egg crate needed to make the cushions for my project. Originally, I purchased a painter’s canvas for the fabric covering for the cushions. On another trip to Walmart, I saw this fun fabric that was affordable, so I returned the canvas and went with the black and white fabric. Once I had all my supplies, I assembled the cabinets, then it was time to make the cushions.

They were really easy to make. I cut the plywood and OSB to the size I wanted for the cushions and then began covering them. I folded the egg crate to make a nice thick cushion and then covered it with the quilt batting to hold it in place and stapled the batting to the back of the plywood. I covered the quilt batting with my fabric and then stapled that into place on the back as well, folding the corners to make a nice finished corner. This is what the back of my cushion looks like – not pretty but it will never be seen!

After my cushions were finished, I placed them on my cabinet base. The only thing left was to purchase pillows for the back. I had a little bit of money left on my prepaid card so I headed back to Walmart where I found a great deal on black pillows and picked up a couple of colored accent pillows too.

Now this is a comfortable place where the entire family can relax together. I love the way it turned out! It’s almost exactly what I had been envisioning for years. With help from my Walmart MoneyCard® Reloadable Prepaid Visa® card, I stayed right on budget.

That’s a fun project to make and should bring you joy for many days to come. I sometimes consider going back to the envelope system for spending and did a modified version with grocery gift cards for my grocery budget.

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